FOR IMMEDIATE RELEASE:
Steven S. Elbaum
Chairman and Chief Executive Officer
- THE ALPINE GROUP, INC. RELEASES 2006 AUDITED FINANCIAL STATEMENTS -
EAST RUTHERFORD, N.J., May 31, 2007, Market Wire/ -- The Alpine Group, Inc. ("Alpine") (APNI.PK) today released its audited financial statements for the year ended December 31, 2006. These statements account for Alpine’s 52% owned Israeli affiliate, Synergy Cables Ltd. (“SCL”), under the equity method, which is consistent with prior periods and is a more informative and meaningful presentation of Alpine’s financial statements than a full consolidation of SCL’s results and financial statements. The December 31, 2006 audited financial statements have been posted to Alpine’s Website (www.alpine-group.net).
As previously reported, consolidated net income for the year ended December 31, 2006 was $20.5 million compared to $4.6 million for the year ended December 31, 2005. Basic and fully diluted earnings per share for 2006 were $1.58 and $0.89, respectively, compared to $0.26 for both basic and fully diluted earnings per share for 2005. The increase in earnings was primarily due to the gain on the sale of the low voltage building wire business operated by Alpine’s subsidiary, Exeon Inc. (formerly Essex Electric Inc.). Excluding the gain on the sale and other income from the discontinued operations, Alpine’s income from continuing operations for 2006 was $0.7 million or $0.03 per share compared to a loss of $1.9 million or ($0.15) per share for 2005. The 2006 increase resulted from an increase in investment related income and earnings of SCL.
All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statement contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.
The Alpine Group, Inc. (APNI.PK) has substantial experience in operating and actively managing companies in which it invests capital. Alpine has focused on industrial and other businesses that are underperforming, experiencing financial constraints and will benefit from operational improvements, consolidation and an improved capital structure. Alpine has actively invested in and operated leading domestic and global manufacturers of specialty materials, coatings, wire and cable products and electronic components.